#XAUUSD

Trend

The chart shows a strong uptrend as evidenced by the progression of green candles and the apparent breakout beyond the recent trading range. Support can be observed around 3240.00 based on previous candle lows, while resistance has been recently tested near the 3316.60 level.

Indicators

The chart does not have visible indicators like Moving Averages, MACD, or RSI. The analysis relies primarily on price action and candlestick formation.

Candlestick and Price Patterns

The chart shows a series of strong bullish candles indicating a clear upward momentum. No specific candlestick patterns such as hammers or shooting stars are highlighted, but the strong bullish candles after minor retracement suggest strong buying interest.

Signals

The strong upward movement in the price of gold suggests a continued upward momentum unless a reversal pattern forms. The recent breakout beyond 3316.60 could offer further bullish opportunities.

+ 3,340 points

Golden Breakout

The strategy relies on the breakout past the resistance level at 3316.60. Given the strong bullish candlestick formation, a potential upward trend continuation is likely. Entry is suggested at the breakout level, with a stop loss just below the recent support at 3240.00, and a target at a conservative estimate for further upward movement.

Stop Loss

Take Profit

Buy